Oil Prices Dip After Recent Gains Amid Ongoing Saudi Supply Tensions
Crude prices fell on Monday following a brief rally to near six-month highs, while attacks on Saudi facilities continued to raise supply concerns.
Oil prices retreated on Monday after reaching near six-month highs late last week. By 0232 GMT, U.S. West Texas Intermediate futures were down $2.14, or 2.07%, at $101.13 per barrel, and Brent futures fell $2.12, or 1.82%, to $114.60.
The previous Friday’s price rise of about $3 was driven by Houthi attacks on Saudi Arabia that heightened worries about energy supply. Brent ended the week up 6% and WTI gained 2.3%.
The militant group said it struck a Saudi airport and oil facilities on Saturday, and Saudi officials reported intercepting additional missiles and drones on Sunday. The kingdom’s main airport resumed partial operations after earlier damage, though the Houthis pledged to keep targeting the site.
Energy ministers from Saudi Arabia and the United States announced that Saudi crude will begin to be stored in Singapore from the second half of 2027 to strengthen regional supply chain resilience.
In the United States, the Energy Department disclosed that it authorized the release of 400,000 barrels from the Strategic Petroleum Reserve on Friday to mitigate a disruption at a Louisiana refinery.